Euro slides after German ZEW drops for 7th month

LONDON (MarketWatch) -- German investor confidence declined for a seventh straight month in July, sending both European stock markets
SXXP, -0.64%
and the euro
EURUSD, -0.87%
sharply lower on Tuesday. The ZEW indicator of economic sentiment in Germany fell to 27.1 points from 29.8 in June, while the assessment of the country's current situation unexpectedly dropped to 61.8 points from 67.7. "Germany has experienced a slight dent in economic activity recently -- retail sales declined and industrial production as well as incoming orders dropped," said ZEW President Clemens Fuest in the release. The weak German data come after a recent string of disappointing news from the euro zone, adding to concerns that growth in both Europe's economic powerhouse and the currency union is stalling.

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